VMS Ventures Updates Progress at the Reed Copper Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 24, 2013) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures" or the "Company") is updating shareholders on progress made during the month of June at the Reed Copper Project, near Flin Flon Manitoba. VMS Ventures owns 30% of the project and is carried to production. Hudbay Minerals Inc. (TSX:HBM)(NYSE:HBM) ("Hudbay") owns 70% and is the Operator.
Highlights at the Reed Copper Project Include:
- Ramp development advanced a further 142m taking the total development to 819m for the project to date.
- Escape and ventilation raises from surface and camp expansion were completed.
- Construction of diesel fuel and surface oil containment areas was completed.
- Project remains on schedule and is forecast to be completed on budget by the end of March 2014.
COO Neil Richardson states: "While the rate of ramp development slowed in March due to difficult ground conditions, advancement has since returned to the planned rate and the project remains on time and on budget. We remain impressed with our partner Hudbay Minerals and its ability to keep the project on schedule while maintaining a strong safety record with 473 days without a lost time accident to date on the project."
The Company would also like to announce that it has granted incentive stock options to certain employees of the Company to purchase up 150,000 common shares in the capital of the Company pursuant to the Company's stock option plan. The options are exercisable, on or before July 23, 2018, at an exercise price of $0.20 per share.
About VMS Ventures Inc:
VMS Ventures Inc. is focused primarily on acquiring, exploring and developing copper-zinc-gold-silver massive sulphide deposits in the Flin Flon-Snow Lake VMS Belt of Manitoba. The Company's VMS project property portfolio consists of the Reed Copper Project, which is subject to a 70-30 JV with HudBay Minerals and is scheduled for production in Q4-2013, Copper Project, McClarty Lake Project, Sails Lake Project, Puella Bay Project and Morton Lake Project. Outside of the Snow Lake camp, the Company holds massive sulphide prospective properties near the past producing Fox Lake and Ruttan copper-zinc mines, near the communities of Lynn Lake and Leaf Rapids in northern Manitoba. These properties are located in the mining friendly province of Manitoba, Canada. The Company also has optioned the Black Creek property in the Sudbury mining camp.
VMS Ventures owns approximately 27.5% of North American Nickel Inc. (TSX VENTURE:NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com.
Forward Looking Statement
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. VMS Ventures Inc. undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal, B.Sc.
President, VMS Ventures Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.